Big 4 M&A vs. Lincoln Portfolio Valuations
Looking for some honest advice on where to spend next summer.
Background: I didn’t recruit for BB/EB or even top MM shops because I didn’t think banking was the path I wanted. I already did a PE internship sophomore summer. Since then, I’ve realized a couple of years in banking would give me the experience and upward mobility I want long term.
Current situation: I have an offer from Lincoln’s Valuations & Opinions Group (portfolio valuations). I’m also in the final round for Big 4 corporate finance (M&A) in NYC.
I’m not a classic banker bro and I’m not trying to stay in high finance forever. My goal is to build real experience, carve out my own niche, and eventually move into corporate finance at a Fortune 500 company, ideally on a CFO track. I’m chasing the skills and work environment, not prestige for its own sake.
I really like the Lincoln team. It feels like a place where I’d be valued, and I could see myself there full time. But I’m wondering if M&A at a Big 4 sets me up better.
Questions:
- How do comp, WLB and exits compare between the two?
- Which is better for an eventual move to corp dev or F500 corporate finance?
- I’ve built solid connections at BB, EB and MM banks. Realistically, what are my chances of re-recruiting for a full-time analyst role from either seat?
Appreciate any insight.
Well Lincoln probably pays more and is on a better Trajectory than any B4 Corporate Finance less deloitte Just depends on whether you think you truly need M&A skillset in early career to succeed. I'll say take Lincoln unless its Deloitte Corporat Finance because thats legacy McColl Partners and they run a legitimate MM bank. But if you're talking about M&A tax fuck that go Lincoln.
It's funny how much these dynamics vary by country. Where I'm from, PwC dominates the (L)MM M&A market among the Big Four and is significantly ahead of the others, with KPMG second.
However, wouldn't any of the Big Four Corporate Finance teams be a better choice than Lincoln if your ultimate goal is to work in M&A?
Thats why I said how much do you value the M&A skillset specifically. But even anecdotally from networking with previous B4 MDs at new shops they are super bearocratic and approvals that would take like a day takes like 2 weeks there. I've seen PortVals exit into MMIB from B4 I'd imagine given Lincolns closer affiliation to a bank environment it will be seen more favorably to move in the first 1-2 years. Plus you get paid more in the meantime. Both are within the same range (except if its Deloitte CF) but I think I'd rather thug it out at Lincoln for a bit and get paid like +30-40k more in the interim.
That's helpful advice, thank you. It is not Deloitte CF. The Portfolio Valuations work sounds more tedious, but my understanding is that the hours are more predictable and will be lower except during the end of the quarter. So pros and cons to both. As much as I want to work in M&A, is it worth the lower salary for potentially better exits? Is an exit straight to PE from either possible? What doors does Big 4 CF open that Lincoln doesn't? And does Lincoln open anything Big 4 wouldn't? I have heard private credit is a possible exit, but I don't know much about that career path.
So I'm ex B4 vals now at a T20 bank, in IBD division. Is the M&A-related modeling helpful? Yes, was it a needle mover but not as much as you would think because people in B4 Portfolio Vals got just as good offers. Interviews at the analyst level are pretty much the same as when you were looking at SA, maybe super slightly more difficult techs depending in group and an occasional case study (~10% of the time) but nothing you couldn't look up. The 'easier story' is B4 but for a slight haircut in direct experience (but still good enough) you're getting your name in an established MM platform, getting paid a much better wage, probably doing a bunch of fairness opinions and deal-oriented work as well which is tangential enough that it puts you only at a slight discount. B4 CF doesn't put you at a bigger advantage for lateralling upwards. You're exits for both are lowerish- to mid-middle market. Plus you can maybe move internally at Lincoln its a growing shop. You can't really go wrong with either since none give you a material edge in lateral recruiting you'll end up in the same next spot.
Lincoln PV team is great experience, much better pay than B4, with good clients, respectable brand, solid exits.
That being said, anecdotally, I don’t see many exits from VOG to IB. Im sure it happens and is possible. If you are Lincoln vals, the opinions team has way more laterals to IB.
Bump
I'd go Lincoln for pay and better hours. Big 4 gives M&A experience, but can be more grindy. Both work for corp finance later.
Lincoln V&O > Big 4 TAS.
bump
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